New Issue: Allegheny Technologies prices $500 million 5.875% 10-year notes to yield 5.875%

By Andrea Heisinger

New York, July 9 - Allegheny Technologies Inc. was sold $500 million 5.875% 10-year senior notes (Baa3/BBB-/) on Tuesday at a spread of Treasuries plus 325.4 basis points, according to an FWP filing with the Securities and Exchange Commission.

The size was increased from $300 million.

Pricing was at 99.991 to yield 5.875%.

The notes feature a change-of-control put at 101%. There will be a make-whole call at 50 bps over Treasuries until May 15, 2023 and a par call after that date.

Bookrunners were BofA Merrill Lynch and J.P. Morgan Securities LLC.

Proceeds will be used for general corporate purposes.

The specialty metals producer is based in Pittsburgh.

Issuer:	Allegheny Technologies Inc.
Issue:	Senior notes
Amount:	$500 million, upsized from $300 million
Maturity:	Aug. 15, 2023
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC
Co-managers:	BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Wells Fargo Securities, LLC
Coupon:	5.875%
Price:	99.991
Yield:	5.875%
Spread:	Treasuries plus 325.4 bps
Call:	Make-whole at Treasuries plus 50 bps to May 15, 2023, par call after
Change-of-control put:	At 101%
Trade date:	July 9
Settlement date:	July 12
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-

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